30 Tips             forTaking your Idea to Market
1. VisualizationDraw, sketch or scan your idea onto paperand place it where you will see it when you wakeup and when you g...
2. Create a “one sentence “        describing your product• If you cannot describe your product in one  sentence – it is t...
3. Create a product development               working area•   Computer•   Scanner/printer•   Software programs: Photoshop,...
4. Create a Product Profile•   What does your product do?•   Why would someone purchase it?•   Is it unique?•   What is it...
5. Expand your product idea into            a Product Line• 3 different colors?• 3 different sizes?• 3 different shapes?• ...
6. Visit a Store that carries                similar items• Check out similar products -colors, sizes, prices and  positio...
7. Create an image of your        Product using Photoshop• Start documenting your idea on Paper• These first images are fo...
8. Create your BRAND name•   Your Brand is your most valuable asset•   Make a list of all the product categories that coul...
9. Create your Packaging• Your packaging is the billboard for your brand• Check out your options• Purchase packaging that ...
10. Protect yourself• Download all the necessary legal documents:•   Confidentiality Agreement•   Non Disclosure Agreement...
11. Research your Product Category                  e.g. Cosmetics• Web search Category information• Is this category expe...
12. Research your Product’s Industry            e.g. Health & Beauty Aids• Web research your product’s Industry• Is the in...
13. Who is your Target Consumer?             Are you sure?• If your consumer is infants/toddlers – you are targeting  Pare...
14. How big is your Consumer Market?• The size of your consumer market will indicate the  volume of sales you can generate...
15. FOCUS, FOCUS, FOCUS• Run focus groups as often as you can• Focus groups can be as small as 8-12 participants• Have eve...
16. Document all your research• Keep all your research in 3 ring binders i.e.•   Focus group information•   Category infor...
17. Research your potential            CUSTOMERS (buyers)• Web search your buyers, locations, head  offices, sales, number...
18. Research possible Licensors• Licensing your product IDEA eliminates  manufacturing, marketing and sales costs• However...
19. Research Manufacturers• Domestic Manufacturing offers faster lead  times, better freight costs and more control  domes...
20. Research Shipping, Warehousing       and Distribution options• Web search your options for national warehousing  and d...
21. Trade Shows• Web Research your Industry Trade Shows• Web Research your Industry Consumer Shows• Research your trade bo...
22. Create Sample Products• Your first sample products will be used for :• Costing purposes• Focus Group input• Sales mate...
23. Hire your Independent Sales Reps• Web research your manufacture’s Assoc for reps  who specialize in your type of produ...
24. Your Customer’s needs• The Retail Market has a variety of marketing and  operating expenses that will effect your pric...
25. Research Costs• What are your product costs?Always work out your product costs from the retail price  down - You want ...
26. Create your Price SheetsYou will need three separate price sheets•Retailers•Distributors•International
27. Develop your Marketing Program• Consumer and Trade Advertising• Social Media – Website, Facebook, Twitter etc• PR
28. Set up your Company Structure• Always have good financial advisors• Always have good legal advisors• No-one can sell y...
29. Financing your Venture• Money equals ownership• Only raise capital as you need it.• Capital infusion is needed in 4 st...
30. Licensing Opportunites• If you feel that your product idea would benefit from a  licensed brand name i.e. Disney for a...
Author of“The Caboodles Blueprint”           A Step by Step GUIDE –How to get your idea onto 30,000 retail shelves        ...
Upcoming SlideShare
Loading in...5
×

30 tips for taking your idea to market x

1,348

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,348
On Slideshare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

30 tips for taking your idea to market x

  1. 1. 30 Tips forTaking your Idea to Market
  2. 2. 1. VisualizationDraw, sketch or scan your idea onto paperand place it where you will see it when you wakeup and when you go to sleep.Visualize your product at its final resting place – ona store shelf – or in the hands of your consumerVisualization is the key to a product’s success
  3. 3. 2. Create a “one sentence “ describing your product• If you cannot describe your product in one sentence – it is too difficult to sell• Your product only has 4 ½ seconds – once it is on a store shelf - to capture a shoppers interest
  4. 4. 3. Create a product development working area• Computer• Scanner/printer• Software programs: Photoshop, Powerpoint• Digital Camera• Web access
  5. 5. 4. Create a Product Profile• What does your product do?• Why would someone purchase it?• Is it unique?• What is it’s function?• What makes it different?
  6. 6. 5. Expand your product idea into a Product Line• 3 different colors?• 3 different sizes?• 3 different shapes?• A product’s life is limited• A product line adds credibility and value• A brand’s life is limitless
  7. 7. 6. Visit a Store that carries similar items• Check out similar products -colors, sizes, prices and positioning in the store• What category is your type of product located?• How much shelf space is dedicated to your type of item?
  8. 8. 7. Create an image of your Product using Photoshop• Start documenting your idea on Paper• These first images are for your eyes only• As your images improve you will be using these in your first focus groups
  9. 9. 8. Create your BRAND name• Your Brand is your most valuable asset• Make a list of all the product categories that could be created under your Brand umbrella• Create a Brand statement that best describes your Brand Personality• Your domain name should match your Brand name• Check that your Brand name is available• Develop your Brand Image and Logo
  10. 10. 9. Create your Packaging• Your packaging is the billboard for your brand• Check out your options• Purchase packaging that best resembles what you desire for your packaging.• Get initial cost quotes based on sample packaging
  11. 11. 10. Protect yourself• Download all the necessary legal documents:• Confidentiality Agreement• Non Disclosure Agreement• Independent Rep Agreement• Talent Release Form• Independent Contractor Agreement• Research a good Patent/copyright attorney
  12. 12. 11. Research your Product Category e.g. Cosmetics• Web search Category information• Is this category experiencing growth- Why?• Is this category on a decline- Why?• Who are the major players in this category• What volume does this category do
  13. 13. 12. Research your Product’s Industry e.g. Health & Beauty Aids• Web research your product’s Industry• Is the industry experiencing growth – Why?• Is the Industry experiencing decline – Why?• Who are the major players in the Industry• What is the volume of this Industry
  14. 14. 13. Who is your Target Consumer? Are you sure?• If your consumer is infants/toddlers – you are targeting Parents, Grandparents, Aunts & Uncles• If your consumer is pre-teen – you are targeting pre-teens and Parents – with an emphasis on the pre-teen• If your consumer is teen – you are targeting teens – no teen will buy what their parent buys• Is your target consumer, gay, male, female, married, single, - are you sure?
  15. 15. 14. How big is your Consumer Market?• The size of your consumer market will indicate the volume of sales you can generate• Researching your category & industry is a good starting point.• Focus group information will provide what percentage of your consumer market is likely to purchase your product
  16. 16. 15. FOCUS, FOCUS, FOCUS• Run focus groups as often as you can• Focus groups can be as small as 8-12 participants• Have every participant sign a Talent Release Form• Check out my “How to Run A Focus Group” Blog
  17. 17. 16. Document all your research• Keep all your research in 3 ring binders i.e.• Focus group information• Category information• Industry Information• Trade Shows• Consumer Shows• Marketing & Sales
  18. 18. 17. Research your potential CUSTOMERS (buyers)• Web search your buyers, locations, head offices, sales, number of stores etc.• Discount Stores,• Drug Stores,• Deep Discount Stores• Food Stores• Specialty Stores• Online Retailers etc.
  19. 19. 18. Research possible Licensors• Licensing your product IDEA eliminates manufacturing, marketing and sales costs• However, your idea needs to be DEVELOPED to a viable saleable product before you can consider licensing your product• Research standard industry royalties etc
  20. 20. 19. Research Manufacturers• Domestic Manufacturing offers faster lead times, better freight costs and more control domestically – Check out Custom Manufacturers that specialize in your type of product.• Overseas Manufacturing can be more cost effective but has longer lead times (90 days)
  21. 21. 20. Research Shipping, Warehousing and Distribution options• Web search your options for national warehousing and distribution services• Research their capabilities with EDI (Electronic Data Interchange) systems required by most retailers• Check out your domestic freight costs
  22. 22. 21. Trade Shows• Web Research your Industry Trade Shows• Web Research your Industry Consumer Shows• Research your trade booth design/hire options
  23. 23. 22. Create Sample Products• Your first sample products will be used for :• Costing purposes• Focus Group input• Sales materials
  24. 24. 23. Hire your Independent Sales Reps• Web research your manufacture’s Assoc for reps who specialize in your type of products and industry• Have every rep sign an Independent Rep Contract• Ensure that your reps are located in the same States as your retailer’s corporate offices and have a solid relationship with your buyer
  25. 25. 24. Your Customer’s needs• The Retail Market has a variety of marketing and operating expenses that will effect your pricing i.e.• Co-op Advertising allowances• New Store Allowances• Roto Advertising/ Coupons opportunities• POP (point of purchase) displays• Check with your rep what your retailer’s needs are
  26. 26. 25. Research Costs• What are your product costs?Always work out your product costs from the retail price down - You want your product to have a “higher perceived value” than your competition.i.e. If your product retails for $10.00 and the buyer takes a 50% margin then your would sell your product for $5.00Once you have deducted your marketing, packaging, warehousing, freight & other operating costs you can determine your desired manufacturing cost
  27. 27. 26. Create your Price SheetsYou will need three separate price sheets•Retailers•Distributors•International
  28. 28. 27. Develop your Marketing Program• Consumer and Trade Advertising• Social Media – Website, Facebook, Twitter etc• PR
  29. 29. 28. Set up your Company Structure• Always have good financial advisors• Always have good legal advisors• No-one can sell your product better than you
  30. 30. 29. Financing your Venture• Money equals ownership• Only raise capital as you need it.• Capital infusion is needed in 4 stages:• 1. Start- up - Self Finance – you have nothing to sell yet• 2. The Road Show – Minimal Capital needed for initial product samples and sales calls - Gaining product acceptance• 3. Initial Manufacturing and Company Funding –• 4. Company Growth – Brand expansion, Product Expansion
  31. 31. 30. Licensing Opportunites• If you feel that your product idea would benefit from a licensed brand name i.e. Disney for a child’s toy – then this may be an option. You would be the licensee and would be required to pay the licensor a royalty fee.• Once your Brand is fully developed in the marketplace (after 3 years) you may choose to license your brand to another company (who would sell complimentary products under your Brand) and, as the Licensor, you would receive royalties.
  32. 32. Author of“The Caboodles Blueprint” A Step by Step GUIDE –How to get your idea onto 30,000 retail shelves www.leoniemateer.com
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×